Financial Performance Summary

Consolidated Financial Results (Q2 FY27 vs Q2 FY26 - YoY)

  • Revenue: ₹5,088.70 Mn vs ₹2,445.81 Mn (108.06% growth)
  • Gross Profit: ₹895.64 Mn vs ₹559.05 Mn
  • Gross Profit Margin: 17.60% vs 22.86%
  • EBITDA: ₹501.18 Mn vs ₹262.77 Mn (90.73% growth)
  • EBITDA Margin: 9.85% vs 10.74%
  • PAT: ₹177.27 Mn vs ₹68.84 Mn (157.51% growth)
  • PAT Margin: 3.48% vs 2.81%

Consolidated Financial Results (Q2 FY27 vs Q1 FY27 - QoQ)

  • Revenue: ₹5,088.70 Mn vs ₹4,896.54 Mn
  • Gross Profit: ₹895.64 Mn vs ₹1,078.00 Mn
  • Gross Profit Margin: 17.60% vs 22.02%
  • EBITDA: ₹501.18 Mn vs ₹486.23 Mn
  • EBITDA Margin: 9.85% vs 9.93%
  • PAT: ₹177.27 Mn vs ₹186.34 Mn
  • PAT Margin: 3.48% vs 3.81%

Standalone Financial Results (Q2 FY27 vs Q2 FY26 - YoY)

  • Revenue: ₹4,115.42 Mn vs ₹2,222.71 Mn (85.15% growth)
  • Gross Profit: ₹614.90 Mn vs ₹425.42 Mn
  • Gross Profit Margin: 14.94% vs 19.14%
  • EBITDA: ₹357.53 Mn vs ₹193.87 Mn (84.41% growth)
  • EBITDA Margin: 8.69% vs 8.72%
  • PAT: ₹106.99 Mn vs ₹36.10 Mn (196.37% growth)
  • PAT Margin: 2.60% vs 1.62%

Standalone Financial Results (Q2 FY27 vs Q1 FY27 - QoQ)

  • Revenue: ₹4,115.42 Mn vs ₹4,058.56 Mn
  • Gross Profit: ₹614.90 Mn vs ₹814.85 Mn
  • Gross Profit Margin: 14.94% vs 20.08%
  • EBITDA: ₹357.53 Mn vs ₹441.36 Mn
  • EBITDA Margin: 8.69% vs 10.87%
  • PAT: ₹106.99 Mn vs ₹194.07 Mn
  • PAT Margin: 2.60% vs 4.78%

Key Business Developments

Capacity Expansion

United Gulf Fishery Products LLC in Oman commenced commercial production for fishmeal, fish oil, and fish-soluble paste, increasing the Group's overall production capacity. The total installed capacity has increased from 291,720 MTPA to 340,170 MTPA with the following additions:

  • United Gulf Fishery Products LLC: 37,200 MTPA (Fish Meal: 24,000 MT, Fish Oil: 6,000 MT, Fish Soluble Paste: 7,200 MT)
  • Delta Marine Products: 11,250 MTPA (Fish Meal)

Regulatory Milestones

  • Received USDA NOP Inputs Attestation from ECOCERT S.A.S., France for Eco Sphere Organic Fertilizer, confirming suitability for use in organic farming
  • Secured U.S. FDA facility registration, supporting engagement with customers requiring FDA-registered manufacturing facilities

Credit Rating Update

CARE Ratings revised the outlook to Stable from Negative and assigned:

  • CARE BBB−; Stable / CARE A3 to ₹480 crore of long-term and short-term bank facilities
  • CARE BBB−; Stable to ₹15 crore of long-term bank facilities

Operational Challenges

Geopolitical disruptions and supply-chain constraints resulted in the execution of certain shipments being deferred to October 2026.

Management Commentary

Mr. Kalandan Mohammed Haris, CEO & MD, highlighted strong Q2 performance driven by export demand, favorable fishmeal pricing, and improved realizations. The company is focused on ramping up operations at the Al Juba facility in Oman, executing deferred shipments, deepening market access, and improving operating efficiencies. The integration of Ento Proteins, Haris Marine Products and Delta Marine Products has broadened manufacturing and alternate-protein capabilities.

Company Overview

Mukka Proteins Limited is one of India's prominent manufacturers and exporters of fishmeal, fish oil, and fish-soluble paste, holding a 25–30% share of India's fishmeal and fish oil market. The company operates with an installed capacity of 340,170 MT per year across fish meal, fish oil and fish soluble paste, serving 25+ countries with strategically located manufacturing and blending facilities.